Bank stocks and the broader markets rose Monday on more encouraging news from the G-20 summit.
The KBW Bank Index rose 3.55%, the Dow Jones industrial average, 2.03% and the Standard & Poor's 500, 2.22%, after the Group of 20 leaders this weekend pledged to continue stimulating their respective economies until a recovery was more certain.
Cassandra Toroian, president and chief investment officer at Bell Rock Capital LLC in Wehoboth, Del., said that the positive economic news bodes well bank stocks.
"Clearly the yield curve is going to remain favorable for them," Toroian said.
Gainers were across the board.
JPMorgan Chase & Co. rose 2%, Bank of America Corp., 4.8%, Wells Fargo & Co., 4.7%, PNC Financial Services Group Inc., 1.4%, U.S. Bancorp, 3.3% and Citigroup Inc., 13 cents, to $4.19.
Among the regionals, SunTrust Banks Inc. rose 5.4%, BB&T Corp., 3%, Capital One Financial Corp., 5.6%, KeyCorp., 1.8%, Comerica Inc., 3.1%, Zions Bancorp., 3.8%, Fifth Third Bancorp, 6.1%, Marshall & Ilsley Corp., 6.4%, First Horizon National Corp., 3.8%, M&T Bank Corp., 2.8%, Regions Financial Corp., 21 cents, to $4.96 and Huntington Bancshares Inc., 7 cents, to $3.94.
East West Bancorp's shares soared 55%, to $13.41, after the Pasadena, Calif., company announced late Friday that it had acquired the banking operations of the failed United Commercial Bank, in an FDIC-assisted deal.
